Applied Digital Corporation

APLDNASDAQTechnology● Active

$40.49

+$0.87(+2.20%)

Market Cap$11.6B

P/E Ratio—

52W High$50.725

52W Low$9.02

Avg Volume21.9M

Open$41.22

Beta5.64

Free Cash Flow Financials Revenue

Applied Digital Corporation (APLD) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

APLD · free cash flow · updated Jun 8, 2026

Core FCF metrics

APLD · FCF · TTM · margin & CAGR

Free cash flow was −$797.0M for FY2025 (fiscal year ending 2025-05-31), down 522.6% year-over-year The FCF margin was -369.8%.

FY2025 Free Cash Flow−$797.0M▼ -522.6% YoY

Trailing 12M (TTM)−$1.81Btrailing 4 quarters sum

FCF Margin-369.8%−$797.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

APLD · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$115.4M(682M)−$797.0M▼ 522.6%-369.8%

FY2024$13.8M(142M)−$128.0M▼ 76.5%-93.7%

FY2023$58.7M(131M)−$72.5M▼ 29.9%-131.0%

FY2022−$872,000(55M)−$55.8M▼ 1549.8%-653.3%

FY2021−$83,000(3M)−$3.4M——

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

APLD · P/FCF · FCF yield · FCF per share

Applied Digital Corporation (APLD) reported negative free cash flow of −$0.80B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-05-31

Cash flow statement summary

APLD · cash flow statement · operating / investing / financing

For FY2025, Applied Digital Corporation generated −$115.4M in operating cash flow and spent 682M in capital expenditures, yielding −$797.0M in free cash flow.

Operating Activities

−$115.4M

Cash from core business operations

2025-05-31

Investing Activities

−$667.7M

CapEx, acquisitions & investments

2025-05-31

Financing Activities

+$874.7M

Buybacks, dividends & debt

2025-05-31

FCF FormulaOperating CF (−$115.4M) − |CapEx| (682M) = FCF (−$797.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

APLD vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Applied Digital CorporationYOU

APLD

−$797.0M-522.6%-369.8%

Loss

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Applied Digital Corporation (APLD) reported free cash flow of −$797.0M for FY2025 (fiscal year ending 2025-05-31), down 522.6% year-over-year. The FCF margin was -369.8%.

Applied Digital Corporation has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 5 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

APLD free cash flow · 8 questions

Applied Digital Corporation free cash flow was −$797.0M for FY2025, down 522.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$1.81B.

APLD free cash flowAPLD FCFAPLD FCF 2025APLD free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Applied Digital Corporation · Applied Digital Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026